European banks with operations in India are in the process of making representations to regulators in their own countries to express concerns about potentially large trading disruptions that would be caused by the European regulator's decision to withdraw recognition of the Clearing Corporation of India (CCIL).
The European Securities and Markets Authority (ESMA) in late October de-recognised six Indian clearing houses, including the CCIL, which hosts the trading platform for government bonds and overnight indexed swaps. The decision is said to have been taken after the Reserve Bank of India's (RBI's) refusal to permit the foreign regulator rights of audit and inspection over the CCIL.
European banks in India include BNP Paribas, Credit Agricole, Credit Suisse, Deutsche Bank and Societe Generale. UKbased banks, such as Standard Chartered and Barclays, also play a key role in bond and OIS trading.
"European banks are representing to BOE directly and ESMA (European Securities and Markets Authority) as well.
They are in touch with them right now on the market impact. What they have done may not be intended to kill the market but this will kill the market," a source said to Business Standard.
هذه القصة مأخوذة من طبعة November 18, 2022 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 18, 2022 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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